According to market sources, this week's ex-Black Sea A3
scrap offers to
Turkey stand in the range of $340-345/mt CFR Marmara. The latest ex-Montenegro
scrap deal in
Turkey has been concluded at $350/mt CFR for 2,500 mt of HMS I/II 80:20 and at $360/mt for 500 mt of bonus grade
scrap.
Turkish steelmakers have started to focus on
scrap purchases in line with their needs from short sea sources and the Baltic region, following the decreased number of ex-US
scrap offers to
Turkey amid the low inventory levels of US
scrap suppliers. Meanwhile, due to the ongoing political tension in Ukraine, Turkish mills are cautious about concluding deals from the country and are inclined instead to conclude bookings from the Baltic region at the moment.
In the meantime, since the local Turkish long steel market has failed to register any improvement and as purchases for March have almost been completed, Turkish buyers are not in a rush to conclude new deals, weakening expectations for upward movements in ex-Black Sea
scrap prices in the short term.